An increasing number of prospective mortgage holders are turning to fixed-rate mortgage deals, according to the latest industry figures.
Research from the Council of Mortgage Lenders, which represents the interests of mortgage lenders across the UK, has shown that 87 per cent of first-time buyers opted for a fixed-rate mortgage in February 2007.
To put this into context, the comparable figure in January was 84 per cent.
Michael Coogan, director general of the Council of Mortgage Lenders, commented on the data and speculated as to why more people are choosing fixed-rate mortgage products.
"With the chance of at least one more interest rate rise this year, first-time buyers are taking the sensible option of taking out fixed-rate deals and locking into the payment security they provide," he said.
An alternative to fixed-rate mortgages is the tracker mortgage.
Typically, this type of mortgage mirrors the fluctuations in the base rate, which is set by the Bank of England's monetary policy committee.
Council of Mortgage Lenders reports fixed-rate popularity
Mortgage Quote Line
0845 108 0505
Council of Mortgage Lenders reports fixed-rate popularity
Tue, 10 Apr 2007
| mortgages news |
|---|
| Yorkshire Building Society makes mortgage more accessible - Thu, 02 Sep 2010 |
| Lloyds TSB launches new fixed-rate mortgage - Thu, 02 Sep 2010 |
| Skipton launches new mortgage range - Wed, 01 Sep 2010 |
| More News |
Mortgage Rates by Lender 
Worried about Mortgage Repayments?
- Join our petition to Government to bail out burdened individuals, not just banks.
Free Mortgage Quote
Mortgages in Scotland
Equity Release
Switching Mortgages
Home Reversion Plans
Commercial Mortgages Arrears & CCJs?
Remortgages- Sub prime mortgages
- Arrears, CCJs
- Self certification
- Debt consolidation
Protect Your Mortgage